Student Rental Marketplace Rolling Out

Jul 11, 2014
GlobeSt

Comfy, a rental marketplace targeted to student housing users, has completed an initial $600,000 round of seed funding




The funding effort was led by Mike Lee, partner at Dominion Ventures. Austin Ventures and a variety of other prominent angel investors also contributed to the round. Comfy has developed an intuitive mobile and web platform that uses a proprietary algorithm to leverage online feedback and intelligently match college and university students with their best matches for off-campus housing




In addition to Lee and Austin Ventures, a world-class team of angel investors have contributed capital, including: former Brocade Communication Systems CEO and founder of Rhapsody Networks Mike Klayko, former Skull Candy CEO Jeremy Andrus, Mark Harris, Jared Stone, and others. Investors’ portfolios and past investments include HomeAway, Hotmail, Outbound Engine, Tivoli, Mortgage.com, among others




The Austin-headquartered startup plans to use the initial capital to continue to push the boundaries of innovation in the rapidly growing student housing market and to scale into select geographic markets






Focused exclusively on the student renter experience, Comfy is the digital middleman between students and landlords, guaranteeing students a response to every inquiry they send via Comfy. In comparison, students may send 20 or 30 inquiries on other websites and only receive 2 or 3 responses back. Reviews are also tightly integrated into the listings on Comfy to give student renters more information in one place




Before raising this round, Comfy focused on a single geographic market for 10 months. Within that 10-month time frame, Comfy achieved 30% market penetration in a location with 50,000+ university students and two universities




In February, Comfy began to expand to a few additional universities around the country. In March website traffic tripled. Traffic continues to climb and it is anticipated to further skyrocket through the rest of the summer months as students continue to search for a place to live for the Fall semester. Recent upgrades, including Android and iOS mobile responsive sites and the continued success of the Comfy iPhone app, continue to drive user adoption and engagement with Comfy







Print Article opens in new window